SalMar-Q1 first take: Biological KPI’s looking extremely strong-05/20/2026

Research evidence excerpt

SalMar-Q1 first take: Biological KPI’s looking extremely strong-05/20/2026

SalMar

NEWSFLASH | 20 MAY 2026

Q1 rst take: Biological KPI’s looking extremely strong

SALM Op. EBIT of NOK 1,512m, 3% below company-compiled consensus of NOK 1,563m on a mix of softer Northern cost

and a big S&I miss. 2026e volume guidance is lifted (+7kt North to 120kt, +5kt Central to 162kt). PAS pencil in 120kt in North

(cons 117kt) while Central cons sit at 159kt. Cost is flagged lower in North (from a higher base than expected), and higher

in Central (from a lower base than expected). Consensus will need to come up ~2% on FY26e Op. EBIT on higher volumes,

adjusted for the Q1 miss, with only limited revisions to PAS estimates. Aside from this, biological KPI’s is running hot, with

record low mortality, record high growth, and impressive biomass. There could be further upside beyond the revised volume

guidance. We expect a slightly positive share price reaction. BUY, TP NOK 600.

Deviation table

Actual Q1'26e Deviation (%)

NOKm Q1'25 Q2'25 Q3'25 Q4'25 Q1'26a Cons. Pareto Cons. Pareto

P&L

Revenues " 5 193 6 175 7 850 8 176 6 501 6 740 6 745 (4)% (4)%

EBITDA adj. " 1 248 994 1 194 2 383 2 036 2 081 2 145 (2)% (5)%

EBIT adj. " 798 524 711 1 834 1 512 1 563 1 604 (3)% (6)%

EPS (adjusted) NOK 2.4 1.9 1.3 6.6 5.9 5.6 5.5 6% 7%

NIBD " 20 360 21 347 22 826 22 549 22 096 21 398 21 049 3% 5%

Segments/Other key items

EBIT Central NOKm 268 7 (121) 764 1 069 902 990 18% 8%

EBIT North " 557 288 468 1 160 644 753 751 (14)% (14)%

EBIT Sales & Processing " 91 448 534 (49) (131) (36) (69)

Icelandic Salmon " (35) (97) (111) 31 (2) 36 27 (106)% (107)%

Salmar Ocean " (19) (75) (36) (40) (22) (34) (30)

EBIT/kg

Central EBIT/kg 12.7 0.2 (2.6) 17.6 29.8 25.0 27.6 19% 8%